Killing Your Mortgage In 3 Easy Steps

Killing your mortgage in 3 easy steps I was honoured when Mr. CBB invited me to share some mortgage tips on CBB.  It’s evident that he really values his readers so this is a real honour. I’m speaking from experience. Derek and I became mortgage free at 28 (we purchased our first home at 23, and built a new, bigger home when we were 25.)  These are the 3 most important actions we took in killing our mortgage early.  In the interest of full disclosure our current home is worth between $280,000 and $300,000.  It’s a lovely home, but the bank would prefer us in something bigger and more expensive. Pay your mortgage first and last. We’ve all heard the concept that you should pay yourself first. If you’ve been living under a rock, avoiding any personal financial advice, this means that you should set aside your savings as soon as you’re paid before you spend a dime.  The story goes that if you never have access to the savings you won’t miss it, and you’ll be forced to live within your means. This works unless you’re a credit addict, then cut up your cards and return to step one. Decide how much […]

Reader Question: Homemade or Store Bought~ Which is Cheaper?

Mr. CBB has paid me the compliment of inviting me to help answer a reader’s question: A question I would love to have feedback on from you and your fans is: How do you know when it’s less expensive to make homemade baked goods or buy it pre-made at the store? I’m on a tight budget and I hesitate to try recipes only to find out it’s more expensive with the ingredients and electricity amongst other things. I am sure it’s more nutritious to make my own but right now it’s financial. The short answer is that bakery goods have among the highest mark up in the grocery store, so home baking is almost always more affordable than an equivalent purchase from the store. In reality, though, there are some factors that need to be considered, especially if you’re on a tight budget. If you are not already a baker, you’ll need to have some basic equipment on hand to bake and you’ll also need the ingredients called for in the recipe. My advice? Do bake at home and make homemade. You’ll recoup your initial investment in ingredients and equipment very quickly. Tips on getting started with home baking inexpensively Keep your […]

Mr.CBB’s Cream Filled Homemade Twinkie Style Cakes

Well, after hearing about the closing of Twinkie Brands in Irving, Texas in the USA the other day I wondered about these little delights that everyone is going mad over. Yes, they are still making the Twinkies in Canada but I’ve never had one in me life. I remember on Facebook the fans were talking about Joe Louis and I had no idea what they were going on about. Luckily for them I’m learning more the longer I live in Canada. So everyone wants to get their hands on the Twinkie in the USA, mad, well it’s pretty nutty if you ask me.  After a mate of mine who lives in the USA told me to check out Ebay last night I nearly fell over after what I saw. You remember the famous tickle me Elmo that everyone thought they could make a buck from selling them on Ebay? Well move over Elmo, Twinkie is taking top spot this year. Boxes and I mean boxes of these cream filled Twinkie cakes are showing up on EBAY selling for absurd amounts of money.  I’m still wondering who in their right mind is that hungry for a $10,000.00 box of Twinkies. What has this […]

My Best Financial Tip

THE ONLY WAY UP IS TO LISTEN TO THOSE YOU WANT TO SURPASS   I could probably come up with many Financial Tips but there can only be one best tip from me. When I started writing this blog at the end of January 2012 I told you a bit about us and our journey towards debt freedom. Although we now have the money to pay our mortgage in full we have had our fair share of debts along the way. I’ve never proclaimed to be a financial guru rather just an average guy that wants to get from point A to point B with minimal fuss. I’ve learned that there are brick walls and once you get stuck in the maze it can be tough to find your way out. Don’t hang your head in despair, where there’s a will there’s a way. Sometimes the solutions may not be the optimal choice but we learn from our experiences and do our best to not let them happen again. I’ve met many people who take the time to set goals yet they are so unrealistic even I would fail at them. Today I’m blogging for financial literacy which is led by Glenn Cooke of […]

CBB Family Net Worth Update~October 2012

Posting our CBB Family Net Worth and Budget Update once a month here is a means to motivate ourselves to continue down our financial path. We are a Canadian couple who make an average salary and want to know where we stand each month. We want others to know that you don’t have to make 6 figures to have a Net Worth. There’s no race to the finish line because no one really knows where that line is. You could die tomorrow or you may live until you are 110 years old. What does Individual Net Worth mean? Net Worth is a snap shot of your financial health sort of like a picture. It’s a total of the value of your assets minus your liabilities. Posting our financial numbers is about showing others how budgeting has worked for us. Who’s the Man behind Canadian Budget Binder? My name is Mr. CBB and I’m the frugal guy that does all the talking around here. Yes, some women think Frugal Men are Sexy and I’m here to show you how to spot one! Well not really but I’m sure you will have a good idea just by reading posts I’ve written around this blog. There is also a Mrs. Canadian Budget Binder but she does not currently […]

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